#The lines low gain mix how to#
#The lines low gain mix trial#

These may be different from the product messaging and positioning used by your current product mix to appeal to existing customers.Дecisions that impact your product mix shouldn't be made in a vacuum. New products are likely to require bespoke product messaging and positioning that appeals to different customers in different markets. It will rarely be a copy-and-paste job that simply replaces the words Product A with Product B. Be mindful of messaging and positioningД®xpanding your product mix will also change how you market new products. If people don't really know what you do anymore, you run the risk of diluting your brand reputation. We're well regarded for our engagement rings, so we were able to make that addition without a problem.Д«ut you need to be cautious of spreading yourself too thin with too many products. Some customers think ahead and plan their wedding bands at the same time, so we recently added a wedding bands product line to our product width. If you have a strong brand reputation, you can likely expand your product mix to gain market share.ДЄs an example, many Ringcommend customers are over the moon with the engagement ring they end up purchasing. It's important to consider your brand and reputation when making adjustments to your product mix. Make sure that you adopt a long-game mentality when optimizing your product mix, one that balances your short-term realities with your long-term goals. There may also be significant cost savings to be won in scaling back your product mix-especially if production costs of certain lines are high but profitability remains low.ДЇight the temptation to implement knee-jerk changes to your product mix. For example, adding an entirely new product line may be outside your current financial means, but making a small tweak to an existing product might be entirely possible. It's especially important to understand your manufacturing and production costs. Make sure you understand the performance of these metrics over time.

For each of your products, look at historic costs of production, sales volumes, and profitability. For example, trying to win more customers versus trying to grow additional demand from your existing base will have very different implications.Д«efore making tweaks to your product mix, consider how it's looked up to this point. Optimizing your product mix will be difficult if you don't have a clear goal that you're trying to achieve.

#The lines low gain mix trial#

We were able to optimize our product mix through trial and error, but you can avoid that by doing some thoughtful analysis beforehand.

#The lines low gain mix how to#

We needed to figure out how to make our porridge just right. These two experiences quickly led us to appreciate the importance of walking this delicate tightrope. We were leaving way too much money on the table and disappointing customers looking for similar products that we were unable to deliver. But now our product length and depth had become too limited. We then switched gears, and narrowed our offering to become the leading providers of triple excellent solitaire engagement rings-a highly-popular style of diamond ring. In trying to be everything to everybody, we ended up being nothing to nobody. Nor were we able to execute targeted marketing campaigns across each and every product line with our limited budget. When I first established my business, Ringcommend, I was so excited to be providing the general public with access to high-end jewelry at wholesale prices that I fell into a common trap: we were offering so many product lines (our product width) that we simply weren't able to deliver a premium offering for every product we sold. And in doing so, you might fail to take advantage of profitable economies of scale. You might miss out on some simple-yet impactful- upsell or cross-sell opportunities. On the other hand, focusing too narrowly can get in the way of growth opportunities that line up nicely with your existing product offerings and capabilities. This can result in customer dissatisfaction with products they once loved. You also drain your limited production, marketing, and sales resources away from your core product offerings. In stretching your product mix too wide, you can dilute the quality of the products you used to sell well. Seems intuitive enough-but it's not always the case. You might think that the more things you sell, the greater the opportunity to make money. But that bland definition doesn't do justice to the importance of getting it just right. Your product mix refers to the complete range of goods and services that your business offers. What that final bowl of porridge was to Goldilocks-that's what your product mix needs to be to your business. The first one is too hot, the second one is too cold, and the last one is just right. Remember Goldilocks? She stumbles upon an empty house and finds three bowls of porridge.